Published on 14/10/2020 11:31:38 AM | Source: Angel Broking Ltd

Quote on Gold & Silver By Mr. Anuj Gupta, Angel Broking Ltd

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Below is the Quote on Gold & Silver By Mr. Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

“On Tuesday, Spot Gold dipped 1.70 percent to close at $1,889 per ounce and Spot silver ended lower by 3.88 percent to close at $24.12 per ounce  as strengthening of the U.S. currency weighed on the Dollar denominated Gold. On MCX Gold corrected by 1.69% and closed at 50245 levels. Silver also corrected by 4.05% and closed at 60,542 levels. Uncertainty over the new coronavirus bill led to the rally in the U.S. Dollar. The democrats voiced their concerns over President Donald Trump latest offer on the corona virus relief fund; however, U.S. House Speaker Nancy Pelos continued to hope for a possible deal. The yellow metal prices were further pressurized as China’s economy continued to expand in September’20 reflecting the improvement in overseas demand and a balanced recovery boosted the risk appetite amongst investors. Moreover, the International Monetary Fund expressing worries over the outlook for many emerging markets as the virus continued to spread limited the losses for the safe haven, Gold. Uncertainty over additional corona relief fund by U.S. amid appreciating Dollar might weigh on Gold. As for today traders can go for sell in gold at Rs 50,600 levels with the stop loss of Rs 51100 levels for the target of 49500 levels. They can also go for sell  in Silver at Rs 61,200 levels, with the stop loss of 61,700 levels and for the target of 59,800 levels.”


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